RESOLUTION NO. ____
A RESOLUTION EXPRESSING THE INTENT OF THE CITY OF
LEESBURG, FLORIDA TO ACQUIRE CERTAIN PROPERTIES WITHIN THE CITY AND IMPROVE
SAID PROPERTIES TO PROVIDE AFFORDABLE HOUSING; EXPRESSING THE INTENT FOR
PURPOSES OF COMPLIANCE WITH UNITED STATES TREASURY REGULATION SECTION
1.150-(2)(e) TO REIMBURSE WITH THE PROCEEDS OF FUTURE TAX-EXEMPT FINANCINGS,
CAPITAL EXPENDITURES MADE WITH RESPECT TO SUCH ACQUISITION, RENOVATION AND
EQUIPPING OF SUCH CAPITAL ASSETS; PROVIDING FOR THE ISSUANCE BY THE CITY OF
REVENUE BONDS, NOTES, BOND ANTICIPATION NOTES OR OTHER OBLIGATIONS IN ONE OR
MORE SERIES IN AN AGGREGATE PRINCIPAL AMOUNT NOT EXCEEDING $4,000,000 TO PAY
THE COSTS OF SUCH PROJECTS; AND PROVIDING AN EFFECTIVE DATE.
the City of Leesburg, Florida (the “City”) intends to finance the costs of the
acquisition of certain properties within the City and improve those properties
to provided affordable housing (collectively, the “Projects”), with the
proceeds of its revenue bonds, notes, bond anticipation notes or other
obligations to be issued in the future in one or more series (collectively, the
“Tax Exempt Financing”); and
the City expects to initially pay certain costs of the Projects with funds
other than proceeds of the Tax Exempt Financing (collectively, the “Advanced
Funds”) and to reimburse itself for such payments and expenditures with
proceeds from the Tax Exempt Financing;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY
COMMISSION OF THE CITY OF LEESBURG, FLORIDA, THAT:
AUTHORITY. This Resolution is adopted
pursuant to Chapter 166, Florida Statutes and other applicable provisions of
law (collectively, the “Act”).
FINDINGS. The City Commission hereby
finds, determines and declares as follows:
The City is authorized under law, including, without
limitation, the Act, to issue and incur the Tax Exempt Financing for the valid
public purpose of paying the cost of the Projects.
It is necessary, desirable, convenient and in the interest
of the City that the Projects be acquired, constructed, improved, equipped and
financed as contemplated in this Resolution.
The City intends to finance the cost of the acquisition,
design, permitting, construction, improvement, equipping and installation of
the Projects initially with the proceeds of its Tax Exempt Bond Anticipation
Notes (BAN) Financing to be issued in the future.
The City expects to pay certain costs of the Projects with
Advanced Funds before the issuance of the Tax Exempt Financing.
EXPRESSION OF INTENT. The City reasonably expects to
use the proceeds of the Tax Exempt Financing to reimburse itself for all
expenditures described herein made with the Advanced Funds. This Resolution is
a declaration of the official intent of the City in that regard, within the
contemplation of Section 1.150-(2)(e) of the Income Tax Regulations promulgated
by the United States Department of the Treasury.
MAXIMUM AMOUNT OF DEBT. The maximum principal amount of
the Tax Exempt Financing expected to be issued to finance the cost of the
Projects is $4,000,000.
EXPENDITURES TO BE REIMBURSED. All of the expenditures
initially to be made with the Advanced Funds and then to be reimbursed by the
City from proceeds of the Tax Exempt Financing will be for costs of the
Projects of a type constituting capital expenditures or costs of issuing the
Tax Exempt Financing. Any such capital expenditures to be reimbursed have been
paid not more than sixty days earlier than the date of this Resolution or will
be paid on or after the date of this Resolution.
FURTHER ACTION. The officers and employees of
the City are hereby authorized to do all acts and things required of them by
this Resolution for the full, punctual and complete performance of all the
terms, covenants and agreements contained herein or necessary or convenient to
the issuance of the Tax Exempt Financing as provided herein.
EFFECTIVE DATE. This Resolution shall take
effect immediately upon its adoption.
PASSED AND ADOPTED at the regular meeting of the City Commission of
the City of Leesburg, Florida on the 25th day of September, 2006.
THE CITY OF LEESBURG, FLORIDA
AS TO FORM AND CORRECTNESS: